The Central Bank of Sri Lanka has inked a partnership with Japan’s JCB to establish the National Card Scheme (NCS) to introduce the issuance of LankaPay-JCB co-branded cards and to jointly promote the acceptance of such cards with JCB payment solutions.
By integrating JCB payment solutions to LankaPay participant members and leveraging the planned interconnection between the payment networks of LankaClear and JCB, the LankaPay-JCB co-branded cards issued by LankaClear participant members would be accepted globally via the JCB international network and locally through the LankaClear network.
In addition, the strategic partnership would also facilitate the acceptance of international JCB cards at ATMs and merchants accepting LankaPay-JCB co-branded cards across Sri Lanka. Both parties are targeting to complete the implementation and launch of the issuance and the acceptance of LankaPay-JCB co-branded cards by beginning of 2018.
Through this strategic partnership, the issuance of the LankaPay-JCB co-branded cards would be the first-ever JCB branded cards issued in the country.
The acceptance of the internationally issued JCB branded cards in Sri Lanka is expected to reach the same level of acceptance as the LankaPay-JCB co-branded cards issued in Sri Lanka. This would undoubtedly meet the demand of the usage of cards by the increasing number of tourists visiting Sri Lanka, especially those traveling from India, which is the biggest tourist contingent to Sri Lanka where JCBI is expected to have a large card base in the near future.
LankaClear NCS is one of the key elements in which we envisage to increase the usage of car based transaction in the country via our Common Card And Payment Switch (CCAPS). By conducting a transparent selection process, LankaClear identified JCB as the partner for NCS based on a set of stringent evaluation criteria and subsequently carrying out extensive negotiations from the pool of proposals received from many international card schemes.
it is very important for JCB to expand and maintain better acceptance across the country as one of the aspects of the NCS project. In addition, accompanied with the stable economic growth in Sri Lanka, the number of Sri Lankans traveling outside the country would also bound to grow.
Incorporated in February 2002 as the “National Cheque Clearing House”, today, LankaClear has expanded its service offering to be the “National Payment Network” for the country. Owned by the Central Bank of Sri Lanka (CBSL) and all Licensed Commercial Banks operating in Sri Lanka, the company boasts of multiple solution offerings not only for the banking sector but also across all industries that are ready and willing to adopt/ integrate to the latest digital technologies driving Sri Lanka toward an efficient, green, and paperless nation.
In an era where electronic payment modes are gaining popularity worldwide, LCPL has set the foundation and platforms in moving Sri Lanka to a cashless society with paperless offices. As the catalyst of change in the Sri Lankan Payment Industry, the company has continuously strived to maintain the highest standards of efficiency and security in catering to this emerging market needs. The LankaSign Certification Service Provider (CSP) implemented by LankaClear provides the much needed security for the electronic payment systems and is currently the only commercially operated CSP in the country.
LankaClear has introduced many ground breaking products, some of which have been first in the South Asian Region.